Reliance divests Yemen Block-9 to Medco

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Last Updated: Wed, Dec 05, 2012 14:32 hrs

Mumbai, Dec 5 (IBNS) Reliance Exploration and Production DMCC, a wholly owned subsidiary of Reliance Industries Ltd. (RIL), has signed the completion documents for divestment of its 25 percent Working Interest in the Production Sharing Contract (PSC) for Yemen Block-9 with Medco Yemen Malik Ltd., a wholly owned subsidiary of PT Medco Energi Internasional Tbk of Indonesia.

The effective economic date of the transaction is Jan 1 and the transaction has been approved by the Ministry of Oil and Minerals of Yemen.

Reliance Industries Limited (RIL) is India's largest private sector company on all major financial parameters with a turnover of INR 339,792 crore (US$ 66.8 billion), cash profit of INR 31,994 crore (US$ 6.3 billion) and net profit of INR 20,040 crore (US$ 3.9 billion) as of March 31, 2012.